Friday, September 22, 2017

Dangote to invest $4.6bn in agriculture in five years

Dangote to invest $4.6bn in agriculture in five years
September 12
20:56 2017

Dangote Group of Companies says it will invest $4.6 billion in agriculture and $800 million in the beef and dairy industry in the next five years.

Aliko Dangote, chairman of the group, made this known at a three-day conference on Transformation of Nigerian Livestock Industry in Abuja.

NAN reports that Dangote, who was represented by Mansur Ahmed, executive director, stakeholder management and corporate communications of Dangote Industries Limited, said the $4.6-billion investment in agriculture would be used to explore and develop sugar, rice and tomato paste production.

Reuters had earlier reported that the produce from 5,000 farmers were not enough to supply his tomato paste factory, which has been shut for more than 18 months.

According to Ahmed, the $800 million will be used to fund and develop beef and dairy projects of the company.

Dangote called on the private sector to invest in livestock sector to reposition the industry.

“Nigeria spends over 20 billion dollars to import food. Dangote Group plans to go invest 4.6 billion dollars in agriculture and 800 million dollars in beef and dairy in the next five years,” he said.

In a recent interview with Bloomberg, Dangote, who is Africa’s richest man, had indicated interest in some businesses including Arsenal Football Club.

He is currently constructing a crude oil refinery, which he described as his lifetime project and is expected to be ready by 2018.

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Copyright 2017 TheCable. Permission to use quotations from this article is granted subject to appropriate credit being given to as the source.

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